African Startups have Raised Over $1 Billion in 2022 So Far

In 2021, tech startup funding took over 5 months to hit the $1 billion mark. In comparison, it has taken just 7 weeks for startups to do the same in 2022.

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After a record breaking 2021, Africa tech startups are off to an explosive start with startups raising more than $1.1 billion according to multiple sources.

In 2021, startup funding took over 5 months to hit the $1 billion mark. In comparison, it has taken just 7 weeks for startups to do the same in 2022.

As of March 1, 2022, 110 startups had raised over US$1.1 billion in 2022 so far. If fundraising were to continue at the same pace through the year, we’d be looking at about $7.3 billion in 2022.

More African startups continue to raise funds with recent additions including Wasoko (formerly SokoWatch) which raised $125 million in a series B round and 4G Capital, a neobank, which raised $18.5 million in series C funding.

In one of the highlights in recent weeks, MarketForce, a Kenyan startup in the B2B / Retail sector that is experiencing much activity, has, so far, raised $40 million in series A funding.

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SEE ALSO: Africa Startup Funding Breaks Record in 2021, Over $4 Billion, Says Latest Report

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So far, startups in Nigeria, Kenya, and South Africa are spearheading much of the activity.

Here is the data so far by March 1, 2022:

  • 33 Nigerian startups have raised $364 million (32.5%)
  • 20 Kenyan startups have raised $223.4 million (19.9%)
  • 16 South African startups have raised $219.9 million (19.6%)
  • 21 Egypt Startups have raised $102.2 (9.1%)

In another angle to look at the growing startup activity on the continent, in Y Combinator’s African alumni batch for Winter 22, there are 23 startups. Out of these:

  • 18 are from Nigeria
  • 1 from Ethiopia
  • 1 from Uganda
  • 1 from Ghana
  • 1 from Kenya
  • 1 from Sudan

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RECOMMENDED READING: a16z Set to Double Blockchain Investment Funding in 2022 to $4.5B as it Intensifies its Web3 Bet

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